Established in 1963, PMMC was mandated to purchase and market Ghana’s gold and diamond resources. In 1965, the Parliament of Ghana formally endorsed PMMC as a state-owned enterprise.
The company now operates as the government’s national assayer with the sole mandate of assaying all gold that leaves the country.
The company is also the sole implementing agency for the Kimberley Process Certification Scheme (KPCS), the global regime for the trade in diamonds.
Jewelry production is also a core function of the company, operating under the subsidiary name PMMC Jewelry Ltd (PJL).
The company is located in the Diamond House building in Accra, situated on Kinbu Road, adjacent to the Registrar-General’s Department and next to the Ministry of Foreign Affairs.
Achievements
In 2018, Ghana was adjudged the best gold producer in Africa. The country also placed 6th globally in the same category that year.
In 2023, Ghana once again emerged as the top gold producer in Africa, surpassing South Africa and other major players.
Challenges
Before Nana Akwasi Awuah assumed the role of Managing Director in 2021, PMMC faced significant financial challenges, including debts owed to local partners totaling over 70 million Ghana cedis and an additional amount of about USD$5 million owed to international creditors.
Strategy
In a documentary produced by the State Interests and Governance Authority (SIGA) on State-Owned Enterprises (SOEs), the PMMC Managing Director revealed that the company has diligently worked to settle these outstanding obligations.
Nana Awuah noted that PMMC has successfully paid off the foreign debt and has established a plan to liquidate the local debt through an arrangement with the receiver.
The Managing Director attributed PMMC’s remarkable turnaround to the implementation of new reforms spearheaded by the Vice President of the Republic, which have been instrumental in transforming the company into a profitable state agency.
These strategic interventions have enabled PMMC to overcome its past financial challenges and emerge as a thriving enterprise.
Technology
Nana Akwasi Awuah disclosed that the company has made strategic investments in cutting-edge 3D technology, which has enabled it to design and produce high-quality gold and diamond jewelry that can compete with the best in the world.
This technological advancement has been a game-changer, empowering PJL to manufacture intricate jewelry and other gold-based products with precision and efficiency.
He also disclosed that the company has taken advantage of the digitalization drive led by the Vice President to develop an e-commerce website in order to market and sell its premium jewelry online
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